Bank of Spain updates official mortgage reference rates with one-year Euribor rising to 2.565% in March 2026

The Bank of Spain published its monthly update of official reference interest rates for variable-rate mortgage loans, with the one-year Euribor, the main benchmark for Spanish mortgages, at 2.565% in March 2026. This compares with 2.221% in February and is 0.167 percentage points higher than a year earlier. The release also set out other official reference rates for March 2026, including Euribor at 1.900% (one week), 1.933% (one month), 2.109% (three months) and 2.322% (six months), as well as the five-year interest rate swap (IRS) at 2.741%. The €STR-based official reference rates were 1.931% (one week), 1.933% (one month), 1.936% (three months), 1.939% (six months) and 2.011% (one year), while the one-year Mibor was published at 2.565%. The Bank of Spain noted that the official reference rates become valid once published in the Official State Gazette, typically a few days after dissemination. It also reiterated that while Mibor has been removed from the list of official reference rates, it retains that status for transactions formalised before 1 January 2000 and will continue to be published monthly, and it outlined the contractual fallback approach for discontinued indices using the average rate on mortgages over three years for home purchase in Spain plus a differential based on historical differences.